There are many avenues of capital available when starting a business such as a loan from https://oinkmoney.com/, but regardless of the route we take, we need to ensure that we have our financial affairs in order when it comes to our startup. Evidently, there can be a lot to remember, which is why it can be helpful to use a checklist.
- Complete Your Business Plan
While this may seem like a no-brainer, it’s worth enforcing how important your business plan is. Not only does it allow you to look at the financial commitments of your startup, but it also serves as a guide as to how your business will operate as a whole.
It will also give any potential lenders or investors an overview of how your business operates, and what methods are used when it comes to acquiring customers. This will ensure you’re portraying a more robust vision of the company and its business goals.
- Research the Market
Another point that may seem a little obvious, but it can be easy to assume we have a viable business model simply based on how many businesses are placed within the industry.
However, you should look at what competitor’s solutions are lacking, and what can be brought to the table with the introduction of your business. This could be something as simple as amazing after-sale service, or something as complex as a new piece of software that automates an otherwise time-consuming task.
Knowing what services are already available, as well as ascertaining what customers are looking for puts you in a prime position to meet their needs.
- Monitor Your Incomings and Outgoings
Regardless of whether you’re looking for a loan or an investment, you should be in full control of your business expenses. This means looking for cost-effective solutions where possible, and ensuring that these can be paid on time without having a detrimental effect on other aspects of the business.
When operating a startup, the costs involved can be very low if you’re willing to carry out the research. It also ensures that you have to borrow less should any further capital be required, which is more cost-effective.
- Protect the Legal Aspects of Your Startup
Depending on the nature of your startup, it will often be the case that some form of legality will be involved. This could be anything from the contract you give to the customer, to the service itself.
Many are able to stay abreast of any legalities simply be following the relevant news platforms. However, if you do find you’re scratching your head in some respects, then you should consider the services of a legal expert.
Granted, it can be costlier upfront, but having a contract not worth the paper it’s written on can be much more detrimental overall.
- Keep Up to Date with Paperwork
When running a business, dealing with paperwork can seem like a task that’s of very little importance, but quite often the opposite is true.
Any correspondence sent in relation to your startup should be dealt with in the first instance. It can be too easy to put such task to one side, but if Government bodies such as the HMRC don’t receive paperwork on time, it will often issue fines as a result.
- Become Familiar with Your Tax Incentives
Paying tax is part and parcel of operating a business, but that doesn’t mean we should pay more than we have to.
If you have to purchase equipment or stationary for the business, then ensure you keep the receipts. This will reduce your tax liability for the financial year, as you won’t be taxed on income that has been used for the business.
- Protect Your Intellectual Property
While many businesses are similar, there will be those that have an idea that can offer something new, but this means it can be open to theft. While falling in line with the legal aspects of your startup, you should look to ensure that your business’s IP is trademarked so you’re not subjected to any inferior imposters looking to cash in on your idea.
- Register a Website
Having your idea down on paper is a great idea, but it can mean that it’s inaccessible to some. Having a website allows you to give out an overview of your business with one click. This is an ideal complement to your business plan, and it allows people to really look at what your business is about, and how it presents itself to the business community.
Having a website may be vital for some, especially if they operate a mail-order service. But as many people use Google as their first port-of-call when looking for businesses, a website is an essential starting point.
- Only Deal with Reputable Suppliers and Providers
There will be instances when some start-ups have to rely on the services of third-parties. There’s nothing wrong with this, but you do have to ensure that you’re only dealing with providers that are of good repute, or you could find that your startup suffers as a result.
Fortunately, there are many places to turn when it comes to reading reviews. A quick Google search will often bring up a series of reviews left on dedicated review platforms, as well as those listed on social networks such as Facebook and Goole Plus.
- Obtain a Business Bank Account
While it may be easy to separate your finances in the early days, as business starts coming in, you may find it confusing having so many entries in one account. Registering for a business account allows you to manage your finances with more clarity.
As well as allowing you to assess profit more clearly, it also prepares you for prompt returns in relation to any Corporation Tax or VAT payments.
There may be some elements here that are irrelevant to your particular business model, but it does show how much there is to factor in when running a startup, and just how useful a checklist can be.